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New members will boost surveillance, FSF says

Alexander Campbell

13 March 2009

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Speaking in London on the eve of the G20 summit, Andresen said: "We have always had a surveillance capacity. The new members will improve the flow of information - we pool information from national regulators on the threats that they perceive themselves."

The new members are Argentina, Brazil, China, India, Indonesia, Korea, Mexico, Russia, Saudi Arabia, Spain, South Africa, Turkey and the European Commission. The FSF now includes representatives from all the G20 members, and from non-members Hong Kong, the Netherlands, Singapore, Spain and Switzerland.

The forum's chairman, Mario Draghi, added the expansion would give the FSF more voice in the reform of the world's financial system. The FSF meeting earlier this week focused on ways to reduce pro-cyclicality, ensure sound compensation practies and improve cross-border co-operation. It plans to release detailed recommendations in the near future.

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Draghi echoed earlier criticism made by the International Monetary Fund on initial policy responses to the crisis, saying that "recent reactions with regard to capital levels have been highly procyclical". The IMF warned in October last year that European regulators had exacerbated the downturn by failing to intervene when banks were making loans backed by poor-quality collateral.

However, he provided no details on the FSF's proposed responses, or on the progress of members in implementing its reform recommendations, made in April last year.